New renewable energy platform with ~1.7GW of capacity in operation - and a pipeline that brings total capacity to 10GW - to meet Korea's surging clean-power demand from AI data centers and semiconductor manufacturing

SK Inc. ("SK") and KKR, a leading global investment firm, today announced the signing of definitive agreements under which funds managed by KKR and SK will launch Korea's largest renewable energy platform valued at KRW 2 trillion (~$1.3 billion). Through this newly established platform ("Platform"), SK and KKR will bring together renewable energy assets previously held by SK affiliates spanning solar, onshore and offshore wind, and fuel cells into a single, integrated platform, tapping into each company’s respective operational experience and renewables investment expertise.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260625373798/en/

The launch of the Platform marks the latest transaction between KKR and SK, deepening a longstanding relationship built across multiple collaborations. It will help Korea meet the surging demand for clean power from AI data centers, semiconductor production lines, and other large industrial needs. KKR will have management control of the platform in its initial phase, with SK participating as an equity investor and retaining the flexibility to pursue control rights through future discussions.

By bringing together renewable businesses and assets from SK Innovation, SK ecoplant, and SK eternix, the Platform integrates the entire value chain, from development and construction through to operation and maintenance, enhancing economies of scale and operational efficiency. The Platform will manage a portfolio covering all areas of renewable energy generation - except hydrogen - including solar, offshore and onshore wind, and fuel cells.

The Platform will be Korea’s largest renewable energy business, with approximately 1.7GW of capacity currently in operation and a development pipeline that will bring the total capacity to 10GW, which is capable of simultaneously and continuously powering 100 large-scale, 100MW-class data centers. At this scale, the Platform is well positioned to become a reliable, large-scale source of clean power for Korea's most demanding industrial users, from AI data centers to global semiconductor production lines, and more.

Keith Kim, Partner at KKR, commented, "We are delighted to work alongside SK, a strategic partner with deep local operational capability. Korea is one of Asia's most attractive renewable energy markets, underpinned by strong corporate demand for clean power from the semiconductor, data center, and manufacturing sectors. Together, we are establishing a leading, scaled renewable energy platform that can supply reliable clean power to Korea's most demanding industrial users."

SK is integrating these renewable energy businesses as part of a proactive portfolio rebalancing aimed at strengthening their sustainability and competitiveness. By combining the capital strength of a global fund with SK's execution capability, SK aims to respond to surging clean energy demand and build a sustainable growth model over the long term.

KKR is making this investment primarily from its Asia Pacific infrastructure strategy. KKR is one of the most active infrastructure investors globally, with over $100 billion in infrastructure assets under management and more than $31 billion invested into energy transition and renewables infrastructure since 2011. Across Asia Pacific, KKR has invested behind the region's energy transition through platforms such as Serentica Renewables, a clean-energy platform delivering power to large-scale industrial users in India; CleanPeak Energy, a distributed-energy platform in Australia; and Zenith Energy, an off-grid energy solution platform in Australia.

SK plans to use the launch of the Platform as an opportunity to strengthen the foundation and support the growth of its renewable energy business, while continuing to restructure its portfolio in a direction that enhances capital efficiency and business competitiveness.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About SK Inc.

SK Inc. is the holding company of SK Group, with approximately 150 subsidiaries including SK Hynix, SK Innovation, SK Telecom, SK Square, SKC, SK Ecoplant, and SK Networks. SK Inc. leads value-up initiatives such as maximizing profitability, optimizing investment assets, and strengthening cash flow management to reinforce the fundamental competitiveness of its subsidiaries. In addition, SK Inc. is actively reshaping its portfolio to ensure optimal business alignment and maximize synergies across the group. Through ESG management, which is SK's distinctive strength, SK Inc. is taking the lead in pursuing social value and in line with the entrepreneurial spirit and corporate role that society demands, SK Inc. continues to drive sustainable growth and create stakeholder value through relentless challenge and innovation, even amid a rapidly changing global business environment.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260625373798/en/

Media Contacts

For KKR:

Wei Jun Ong

+65 6922 5813

WeiJun.Ong@kkr.com

James Jarman

+65 8870 6452

James.Jarman@kkr.com

For SK Inc.:

Dong Hoon Kim

dhkim3412@sk.com

Jae Seok Heo

js.heo@sk.com